OPEC production has  been below the group’s 30 million b/d ceiling since September 2013.

December and November totals were the lowest volumes since mid-2011, when fighting Libya choked production to nearly zero.

OPEC — The Organisation of the Petroleum Exporting Countries — increased production  by 20,000 barrels per day to 29.72 million b/d in December from 29.70 million b/d in November last year.

OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Other current members are Qatar, Libya, the United Arab Emirates, Algeria , Nigeria, Ecuador and Angola.

The small gains late last year came from more flow from Saudi Arabia, Iran and Nigeria.

Saudi Arabia output increased by 50,000 b/d to to 9.75 million b/d in October and November.

Nigeria increased output by 40,000 b/d to 1.92 million b/d.

Iranian output increased by 30,000 b/d to 2.75 million b/d.

Ecuador and the UAE also increased production by 10,000 b/d each.

Iraqi output fell by 80,000 b/d to 3.02 million b/d, and Kuwait and Venezuela cut production by 20,000 b/d each.

Source: CNBC Money Central


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